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DE30: Bulls stubbornly fight for a defence

12:54 PM 22 September 2022

A new recovery attempt was launched on Thursday.

D1 chart

The DE30 is trying to recover today and returns above the support at 12,593 points that was broken in pre-market trading. This may be the third consecutive false breakout. On Tuesday and Wednesday, buyers already reappeared below the low of 5 September. But despite the persistence of the bulls, the broader direction remains bearish.

Source: xStation5

H4 chart

The DE30 has gained more than 300 points from today's daily low at the peak. Although the price increase was dynamic, it can currently only be classified as an upward correction in the short-term downward impulse. To initiate a change of direction, the high at 12,880 points must be broken through - currently, resistance is more than 200 points away.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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